Saudi Arabia’s central bank has sold its shareholding in the International Islamic Liquidity Management Corp (IILM), an unexpected blow to a body which aims to create a liquid cross-border market for Islamic financial instruments.
The decision was announced by the Kuala Lumpur-headquartered IILM late on Wednesday, in a statement which did not give a reason. IILM officials declined to comment, while officials from the Saudi central bank, the Saudi Arabian Monetary Agency (Sama), could not be reached for comment on Thursday, a holiday in their country...............................................Full Article: Source